Toronto-based Holmer Gold Mines (ASE) has entered agreements with two investors to raise up to $1.3 million.
The first private placement with MVP Capital (TSE) is for 1.2 million units at 30 cents each. A unit consists of one Holmer share and one purchase warrant redeemable for an additional share at 50 cents for a year. The second placement is for 600,000 units at 30 cents each, a unit consisting of one Holmer share and one purchase warrant redeemable for an additional share at 50 cents for 18 months.
Proceeds will be used to finance exploration of two properties in Cuba, as well as to augment working capital.
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